Trico Lenders Say They Were Misled Into $65M Loan

Law360, New York (May 24, 2011, 1:11 PM EDT) -- The private equity firm that provided Trico Marine Services Inc. with debtor-in-possession financing sued the bankrupt company in Texas state court on Friday, alleging that Trico made false statements to secure a separate $65 million loan for its operating unit.

Three separate funds of Tennenbaum Capital Partners LLC allege that Trico, its officers, directors and board made false statements regarding Trico Shipping AS' prospects prior to entering into the $65 million loan in June 2010. If the true picture of Trico's shipping unit had been presented,...
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